New and exciting projects are coming up in UAE related to blockchain as part of the Emirate Blockchain Strategy, which according to Sheikh Mohammed Bin Al Maktoum aims at implementing 50% of government transactions using DLT technology.
A new platform has recently been installed to allow UAE users to trade sugar spot price using tokens which are indexed with 100,000 tons of sugars guaranteed by the Universa Blockchain, responsible for the issue of electronic warrants of ownership along with the token. DMCC and Universa signed the partnership in the Q4 2020.
Each token will reflect an amount from 1kg to 1m tons, with fees on yearly storage costs of approximate 2.5% and 0.4% for commission fees. The tokens can be exchanged globally in any country where the platform is being supported.
This revolutionizing way of trading spot sugars is the first of its kind and it is an alternative and innovative way of trading rather than buying options and future contracts on current exchanges.